US stocks, dollar slide after weak jobs report

Banks and other financial companies led a modest decline in US stocks Friday after a report indicating that hiring slowed sharply in May put investors in a selling mood. The market slide snapped a two-day winning streak and sent bond prices surging as investors sought safety in US government-backed debt. The dollar also fell sharply against several major currencies. The weak hiring data fueled speculation that the Fed will hold off on raising its key interest rate this summer, something Wall Street was anticipating could happen as soon as July. That weighed on banks and financial services companies, as low interest rates make it harder for banks to make money from loans. All told, financials sector companies posted the biggest drop in the in the S&P 500, sliding 1.4 percent.